Soft Magnetic Composites (SMC) Market

Soft Magnetic Composites (SMC) Market Highlights

The global soft magnetic composites (SMC) market is expected to cross a market size of USD 105.3 Billion by the end of 2033. The market size was valued at USD 40.4 Billion in 2023 and is expected to expand at a CAGR of 10% between 2024-2033.

• Over the mid-term, the rising demand for electric vehicles is the primary factor anticipated to drive the global soft magnetic composites (SMC) market.
• High cost of producing SMCs is a major factor to challenge the market growth.
• The Asia Pacific soft magnetic composites (SMC) market is projected to dominate the global market.

Soft Magnetic Composites (SMC) Market Outlook

The materials that are composed of ferromagnetic particles and are coated with an insulating layer are known as soft magnetic composites (SMCs). SMCs are designed to have superior magnetic properties and thus, these are used widely in electric motors, transformers, inductors, and various other electromagnetic devices.

According to the experts at KD Market Insights, one of the primary factors anticipated to drive the growth of the global soft magnetic composites market is the increasing demand for electric vehicles worldwide. SMCs are used widely for enhancing the performance and efficiency of EV motors. Thus, with an increase in sales of electric vehicles worldwide, the demand for soft magnetic composites would grow, and in turn, contribute to the market growth. The International Energy Agency (IEA) stated that in the year 2023, about 14 million new EVs were registered worldwide. Hitachi Metals Ltd, PMG Holding GmbH, Höganäs AB are some of the significant parties in the global market for soft magnetic composites (SMC).

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Soft Magnetic Composites (SMC) Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global soft magnetic composites (SMC) market are:

• Rapid demand for renewable energy: The demand for renewable energy worldwide is increasing at a rapid pace. According to our research experts, in the global power mix, the share of renewables has grown to about 32% in the year 2022 from the 2010 level. With an increase in demand for renewable energy, the reliance on efficient and high-performance magnetic materials for energy conversion and storage systems is also expanding, which is expected to raise the demand for SMCs, and thus, boost the market growth.
• Growing advancements in manufacturing technologies: The manufacturing industry around the globe has been witnessing massive developments in manufacturing technologies, which also include 3D printing and additive manufacturing. This has also contributed to an improvement in the production processes of SMCs, allowing innovations to develop better material properties and also expanded application areas of SMCs. Such opportunities are therefore expected to contribute to the overall market growth in the coming years.

Which Probable Factors Could Hamper the Growing Soft Magnetic Composites (SMC) Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of soft magnetic composites (SMC) are:

• High cost of producing SMCs: The cost of producing SMCs includes advanced manufacturing processes and use of high-quality raw materials. These materials, as well as the manufacturing processes are quite expensive, which raises the overall costs of the final product, thereby limiting the adoption of SMCs
• Concern for limited temperature stability: The insulating coatings of SMCs are known to degrade at high temperatures, resulting in lowered efficiency and increased eddy current losses. Moreover, SMCs are also known to suffer from limited thermal stability when compared with the conventional soft magnetic materials, which is also expected to hamper the demand for SMCs.

How is the Global Soft Magnetic Composites (SMC) Market Segmented?

Our experts at KD Market Insights have segmented the global soft magnetic composites (SMC) market research report as:

What are the Probable Factors Influencing the Asia Pacific Soft Magnetic Composites (SMC) Market Forecast?

The Asia Pacific soft magnetic composites (SMC) market is majorly driven by the increasing urbanization and industrialization in the region that is contributing to an increase in demand for efficient and compact electrical equipment and appliances where SMCs are used to reduce energy losses. On the other hand, the presence of a strong automotive industry, which is widely focusing on developing advanced electric vehicles, is also poised to boost the market growth in the coming years.

As per our analysts at KD Market Insights, the following five players lead the Asia Pacific soft magnetic composites (SMC) market growth:

• Hitachi Metals, Ltd.
• JFE Steel Corporation
• Daido Steel Co., Ltd.
• Nippon Steel Corporation
• POSCO

Which Key Players Top the Global Soft Magnetic Composites (SMC) Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global soft magnetic composites (SMC) market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with soft magnetic composites (SMC) market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global soft magnetic composites (SMC) market share:

• Hitachi Metals Ltd
• PMG Holding GmbH
• Höganäs AB
• GKN plc.
• Sumitomo Metal Mining Co., Ltd.
• VACUUMSCHMELZE GmbH & Co. KG
• Rio Tinto PLC
• Toshiba Corp (Toshiba Materials Co.)
• Hengdian Group DMEGC Magnetics Co., Ltd.
• Mitsubishi Materials Corporation
• Ames Group Sintering SA
• Steward Advanced Materials LLC
• TOKUSHU KINZOKU EXCEL CO., LTD.
• Fluxtrol Inc.
• AIC Engineering Ltd.
• ThyssenKrupp Electrical Steel India Private Limited
• Dexter Magnetics
• Ningbo Longjian Magnetic Industry Co., Ltd.
• Munster Floor Screed

What are the Recent Developments Observed in the Soft Magnetic Composites (SMC) Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global soft magnetic composites (SMC) market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, GKN Powder Metallurgy stated that it has acquired forecast 3D.

Further, Alstom stated that it has sold its share to Bombardier Transportation's V300 ZEFIRO.

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Soft Magnetic Composites (SMC) Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Material
      2. By Product
      3. By Application
      4. By Region
5. Market Segmentation by Material
   1. Soft Magnetic Composites
   2.  Soft Ferrite
   3. Fe Amorphous
   4. Nano Crystalline
6. Market Segmentation by Product
   1. Pure Iron / Iron
   2. Ply Yarn
   3.  Supermalloy
   4.  Permalloy
7. Market Segmentation by Application
   1. Transformers
   2. Motors
   3. 1 HP - 100 HP
   4. 101 HP - 200 HP
   5. 201 HP - 500 HP
   6. 501 HP - 1000 HP
   7. Above 1000 HP
   8. Inductors
   9. Generators
8. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      2. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      3. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
   2. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      2. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      3. France
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      4. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      5. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      6. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
   3. Asia Pacific
      1. China
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      2. Japan
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      3. India
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      4. Australia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      5. South Korea
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      6. Rest of Asia Pacific
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
   4. Latin America
      1. Brazil
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      2. Argentina
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      3. Colombia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      4. Rest of Latin America
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
   5. Middle East & Africa
      1. South Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      2. Saudi Arabia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      3. UAE
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
      4. Rest of Middle East & Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Material, Product and Application
9. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
      1. Hitachi Metals Ltd
      2. PMG Holding GmbH
      3. Höganäs AB
      4. GKN plc., Höganäs AB
      5. Sumitomo Metal Mining Co., Ltd.
      6. VACUUMSCHMELZE GmbH & Co. KG,
      7. Rio Tinto PLC
      8. Toshiba Corp (Toshiba Materials Co.,)
      9. Hengdian Group DMEGC Magnetics Co., Ltd.
      10. Mitsubishi Materials Corporation
      11. Ames Group Sintering SA
      12. Steward Advanced Materials LLC
      13. TOKUSHU KINZOKU EXCEL CO., LTD.
      14. Fluxtrol Inc.
      15. AIC Engineering Ltd.
      16. ThyssenKrupp Electrical Steel India Private Limited
      17. Dexter Magnetics
      18. Ningbo Longjian Magnetic Industry Co., Ltd.
      19. Munster Floor Screed
10. Strategic Recommendations
11. Appendix
    1. List of Tables
    2. List of Figures
12. References